The Perils of Debt in Europe, Why Russia Can’t Afford the War to End, and The Pope's Troubled Hometown

Good morning! It's Friday, August 29, 2025, and this week, we're diving headfirst into the relentless debt vortex that's dragging down European titans like France and the UK.

We'll unpack the European Union's waning grip on the global stage, getting outflanked in high-stakes energy pacts between the U.S. and Russia.

Plus, we'll spotlight YouTube, the undisputed colossus of streaming, now boldly stepping into the realm of king footbal.

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In the shadows of mountains of national debts, France and Britain are both eyeing potential IMF bailouts—reminders of fiscal folly that could drag Europe deeper into economic stagnation. This is proof of how bloated governments suffocate prosperity. Minimal intervention, voluntary exchange, and slashing state spending are the real paths out. More bailouts just kick the can down the road. Read the full story

Last week we got steamed up about the European Union’s legislation to compel rental companies and corporate fleets to switch entirely to electric vehicles (EVs) by 2030, effectively swapping Russian energy dependence for Chinese rare earth reliance—all in the name of a "green transition" that ignores mining impacts in Congo. Read the full story here.

U.S. and Russian government officials held discussions on several energy deals during negotiations aimed at achieving peace in Ukraine, with the deals proposed as incentives for the Kremlin to agree to peace and for Washington to ease sanctions on Russia.

The talks took place during U.S. envoy Steve Witkoff’s trip to Moscow and were also discussed within the White House with President Donald Trump. These discussions are part of a broader strategy to shift focus from European Union involvement to bilateral deals between the U.S. and Russia. Read the full story.

Russia’s war economy has created a new middle class in the country’s industrial heartlands, particularly benefiting impoverished regions that have seen economic revival due to the conflict. Despite peace efforts, many Russians may resist peace, fearing a return to poverty. Read the full story.

The European Commission has proposed eliminating tariffs on U.S. industrial goods in a move to fulfill President Donald Trump's demand and secure a reduction in U.S. tariffs on European automobiles. This initiative requires ratification by the European Parliament and a majority of EU member states, a process that may take several weeks. Read the full story.

Former European Central Bank president Mario Draghi stated that 2025 would be remembered as the year the European Union's illusion of geopolitical importance evaporated. He highlighted the EU's marginal role in global conflicts, noting, "The European Union, despite having made the largest financial contribution to the war in Ukraine and having the greatest interest in a just peace, has so far played a fairly marginal role in the peace negotiations." Read the full story.

Denmark’s foreign minister summoned the top U.S. diplomat in the country for talks after the main national broadcaster reported Wednesday that at least three people with connections to President Donald Trump have been carrying out covert influence operations in Greenland. Read the full story.

European football’s new season bursts with distinct league identities. The Premier League dazzles with its big-spending style, La Liga blends artistry and tradition, Serie A’s shines with tactical brilliance despite modest budgets, while the Bundesliga balances flair and youth development. Ligue 1, led by PSG’s wealth, remains a talent factory. The Champions League unites these leagues in a battle for European glory, defined by unique styles and a billion-dollar divide. Read the full story.

For the sixth month in a row, YouTube pulled in more viewership than Disney or Netflix, achieving 13.4% of all TV viewing in July. YouTube channel That's Football, along with Gary Neville's The Overlap, recently won rights to stream live Bundesliga matches in the UK for the 2025-26 season. These moves represents an ongoing shift, away from traditional broadcasting, toward digital platforms preferred by a younger generation. Read the full story.

Some of Hollywood’s biggest stars are heading to Venice, Italy, for the 82nd edition of the Venice Film Festival, which kicked off Wednesday. Here’s a rundown of everything you need to know about the festival, the Oscar buzz and who’s going.

Germany's industrial sector has shed nearly 250,000 jobs over the past year as the economic downturn accelerates, with high energy costs, weak global demand, and structural issues prompting major manufacturers such as Volkswagen and BMW to implement job cuts and reduce production capacities. Read the full story.

Moody's has cut Austria's rating outlook to negative from stable, citing a sustained and material weakening in Austria's fiscal strength. Forecasts significantly higher deficits and expects a continuous increase of the public debt burden, reaching an ATH of 88.4% of GDP in 2030, which will also weaken debt affordability metrics. Read the full story.

Sir Keir Starmer’s Brexit reset deal guarantees EU fishermen access to UK waters for another 12 years until 2038, potentially costing up to £6bn in British fish, according to official data estimates provided to ministers before the agreement. Critics describe the deal as a betrayal of coastal communities, noting lost jobs and tax revenues beyond the £6bn in fish sales. Read the full story.

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Scott "Buffalo Bill" Bessent will terrorize the Eurodollar as much as needed to fund the trajectory of the US government's spending habits. Bessent’s boss, US President Trump, has no intention of balancing the federal budget or curtailing spending. Therefore, Buffalo Bill Bessent will run rampant, crushing the Eurodollar and currencies in the global south to help Trump achieve his costly goals. Read Arthur Hayes’ latest column.

The passage of the U.S. GENIUS Act has prompted European Union policymakers to accelerate plans for a digital euro, raising concerns that dollar-backed stablecoins could dominate cross-border payments and undermine Europe's financial autonomy. Read the full story.

Wild History: Ketchup was once a cure for diarrhea

Watch these pregnant seahorses passing eggs between each other

Artist Jessica Drenk upcycles junk mail to create beautiful sculptures

Living through extreme heat waves can accelerate your rate of aging, according to research published Monday. Scientists analysed 15 years’ worth of health data from nearly 25,000 adults in Taiwan and found that two years of exposure to heat waves could speed up a person’s so-called biological aging by eight to 12 extra days. Read the full story.

The world's first commercial service offering carbon storage off Norway's coast has carried out its inaugural CO2 injection into the North Sea seabed, the Northern Lights consortium operating the site said on Monday. What could possibly go wrong? Read the full story here.

A new paper explores the relationship between support for extreme political parties and research and innovation across regions in the European Union, finding that support for extreme parties is tied to reduced research output and innovation performance, particularly in green technological sectors. Read the paper here.

On August 29, 1350, the Battle of Winchelsea saw the English naval fleet under King Edward III defeat a Castilian fleet, securing English dominance in the Channel during the Hundred Years' War and protecting vital trade routes across Europe.

On August 30, 1464, Pietro Barbo was elected as Pope Paul II, succeeding Pope Pius II, and his papacy focused on reforming the Roman Curia while promoting the arts and humanism during the Renaissance in Italy.

On August 31, 1422, King Henry V of England died of dysentery while campaigning in France, leading to his infant son Henry VI ascending the throne and exacerbating the instability of the Hundred Years' War across medieval Europe.

On September 1, 1715, King Louis XIV of France, known as the Sun King, died after a 72-year reign—the longest in European history—marking the end of an era of absolute monarchy and cultural splendor centered at the Palace of Versailles.

On September 2, 1666, the Great Fire of London inflicted its most destructive damage, razing much of the medieval city including Old St. Paul's Cathedral and prompting a massive rebuilding effort that modernized urban planning in England.

On September 3, 1189, Richard I, known as the Lionheart, was crowned King of England at Westminster Abbey, beginning a reign dominated by the Third Crusade and ongoing conflicts with France that influenced European chivalry and warfare.

On September 4, 476, Romulus Augustulus, the last emperor of the Western Roman Empire, was deposed by Odoacer, who proclaimed himself King of Italy, symbolizing the fall of the Western Roman Empire and the onset of the Middle Ages in Europe.

In the shadow of scandal and decay, a modest Dolton bungalow—once home to a boy who became Pope Leo XIV—draws pilgrims and dreams of redemption to a beleaguered suburb. Read the full story.

As cannabis legalization spreads, schizophrenia cases nearly tripled. This raises questions about a possible causal link between cannabis and psychosis, with experts proposing three key hypotheses. Read the full story.

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🇬🇧 English Copy | 🇩🇪 German Copy